LOS ANGELES • Oscar-winning producer Michael Sugar has raised $ 30 million (S $ 39.7 million) to show his boutique administration and manufacturing firm into Hollywood’s subsequent nice expertise retailer.
Sugar, whose shoppers embrace administrators Steven Soderbergh and Cary Joji Fukunaga, raised the cash from traders Swan & Legend Enterprise Companions, which has additionally backed celeb chef José Andrés’ restaurant group, and MRC, the Hollywood studio that produced the film Knives Out (2019) and the tv collection Ozark (2017 to current).
Sugar plans to make use of this new capital to maneuver its firm, Sugar23, into podcasting and ebook publishing. It additionally plans to develop its expertise illustration enterprise by hiring as much as 20 managers over the subsequent 12 months.
Sugar has already recognized a brand new colleague: Ms Meredith Wechter, who represents Marvel Lady (2017) star Gal Gadot and Aquaman (2018) Jason Momoa, will reportedly be becoming a member of him.
Mr Sugar is a rarity in Hollywood, each a serious shopper supervisor and a profitable producer. He hopes to capitalize on a second of turmoil within the conventional illustration of expertise.
All businesses have lower workers because of the coronavirus pandemic, emboldening a number of high-level representatives to behave on their very own and type new firms.
Many brokers are turning to administration as a result of managers can produce applications underneath California legislation, which provides them a probably larger stake of their shoppers’ enterprise.
Former William Morris Endeavor agent Theresa Kang-Lowe established a administration firm and landed a manufacturing take care of Apple, whereas her colleague Phil Solar joined the Macro studio to run her administration enterprise.
In the meantime, former Inventive Artists Company agent Peter Micelli fashioned Vary Media Companions with the backing of hedge fund billionaire Steve Cohen, and has already trapped prime brokers from throughout Hollywood, in addition to attracting shoppers just like the creator of Watchmen (2019) Damon Lindelof.
Sugar was early on this pattern. Sugar23 has already produced Dickinson (2019 to current) for Apple TV + and Maniac (2018) for Netflix.
He fashioned Sugar23 in 2017 after years on the leisure firm Nameless Content material, the place he represented prime filmmakers and produced tasks like Highlight (2015), which received the Oscar for Greatest Image. Sugar’s shopper Josh Singer co-wrote the script.
Sugar struck a take care of Netflix after putting out by itself, giving the streaming service unique rights to all Sugar23-produced scripted tv tasks and a primary alternative on all films.
He is teaming as much as assist develop his enterprise, hiring a CFO and common counsel, and looking for administrators of a brand new podcast and publishing division.
The concept, he says, is to provide any shopper the chance to create one thing in virtually any discipline, be it a director who desires to put in writing a ebook or an actor who desires to supply a documentary.
“After serving artists for greater than 25 years, I noticed that there have been alternatives by means of multimedia,” he mentioned. “I am attempting to not be a service firm. I am attempting to construct a scalable media firm with actual property.”